India's economy is recovering amid the second wave of Covid-19

People stand on the banks of the overflowing Ganges in Prayagraj, India, on Tuesday, August 10, 2021. India's economy recovered at a record pace in the three months to the end of June, even as the country was hit by a second wave of Covid-19.

REPUBLIKA.CO.ID, NEW DELHI – Indian Economy recovering record levels in the three months to the end of June, even as a second wave of Covid-19 hit the country. Easier pandemic restrictions allow for more economic activity in comparison Blocking the country's first national in 2020.

Gross domestic product (GDP) grew by 20.1 percent in the April to June quarter compared to the previous year. The economy developed in the same period last year India shrank by 24 percent, reported in BBC, Wednesday (September 1st).

The Indian government's chief economic adviser, KV Subramanian, noted that private investment and consumer spending would help fuel the so-called “V-shaped” recovery. A V-shaped recovery is considered a sharp decline that falls quickly, followed by a recovering sharp.

According to India's Ministry of Statistics, manufacturing and construction sectors are also driving growth. India's economy contracted by 7.3 percent in the last fiscal year. It is one of the world's largest economies that has been hit hardest by the pandemic.

The GDP jump in the April-June quarter missed estimates from the country's central bank, which called for growth of 21.4 percent for the period. Some analysts believe this increases the likelihood that the Reserve Bank of India (RBI) will maintain its stimulus measures at least until the end of this year.

While many developed countries around the world have provided huge stimulus to boost spending, Indian Prime Minister Narendra Modi has prioritized investments in infrastructure, privatization of state-owned companies and tax reform to boost growth. Experts are optimistic that India will continue to see strong growth, although some key sectors remain to be seen recovering.

Consumer spending, a key growth driver, also remains below pre-pandemic levels. According to experts, the risk of a new wave of coronavirus infections and a slow vaccination program could also slow down the momentum. Despite being Asia's third-largest economy, India remains smaller than before the pandemic.

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